
Ummm.... the revised data showing how
very inaccurate initially touted jobs numbers have been lately comes from the US gov't...
https://www.cnn.com/2024/08/21/economy/bls-jobs-revisions/index.html
My point stands that nobody should look at gov't jobs numbers and be hard on themselves, it's a ridiculous stat.
First of all, the article doesn't match its headline. The money quote from the very article you posted. "However, job growth was still historically strong." Let me repeat it for you. "However, job growth was still historically strong." So Job growth was historically strong, though not as strong as initially thought and your conclusion was.... Don't put ANY stock in jobs numbers. Clearly then, from the very article you quoted, your conclusion is wrong.
Furthermore, the post you answered was this one.
I don't understand how our unemployment rate is at an all-time low, only 4%, when so many people who want to work can't find anything...
She used unemployment numbers. Those are generated completely differently than the jobs numbers you answered with and are completely unaffected by revisions in jobs numbers from last fiscal year. We didn't lose those jobs. We simply didn't have them to begin with. And thus, the unemployment rate is still what it is.
As for your point, generally, people put the point they want to make in their post.
Do not put ANY stock in the jobs numbers. They are published, hailed and then revised, revised, revised for up to 18 months. And recently the trend has been revised down, by a lot. You think Powell dropped the interest rate because it’s rainbows and unicorns out here? Even he knows the employment picture is not as it appears on paper.
Nowhere in this posts is your so-called point even mentioned other than don't put stock in the jobs numbers.
P.S. I don't need any help from you on how the fed works nor any innuendo about what Powell is thinking. I can simply read their statement.
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2 percent objective but remains somewhat elevated. The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.
So with every single solitary milligram of respect due, again, I can decide form myself what and who to put stock in thank you very much.